Singapore state investor Temasek Holdings has launched a new asset management group called Seviora Holdings that will have combined assets under management of approximately S$75 billion ($55.14 billion).
Seviora will be based in Singapore and will offer a broad range of multi-asset and multi-strategy investments. The asset manager will be established as the operational holding company for four existing asset management firms that are either wholly owned by Temasek or affiliated with the company: Azalea Investment Management, Fullerton Fund Management Company, InnoVen Capital, and Seatown Holdings International.
Jimmy Phoon, currently CEO of Seatown Holdings International, a wholly owned subsidiary of Temasek, has been named CEO-designate of Seviora, and he will hold both positions until a successor is appointed as CEO of Seatown. Goh Yew Lin, managing director of payroll services company GK Goh Holdings, has been named chairman of the new asset management company.
“The formation of Seviora will enable the group to leverage capabilities of the asset management companies to build a leading Asia-based asset management group that provides access to a broad range of strategies,” Phoon said in a statement. “This new structure will allow us to maintain and build on the brands and investment track records of each asset management company.”
A management team at Seviora will oversee the group’s strategy and growth of assets under management, as well as drive capital allocation to meet business requirements and growth opportunities, the company said. The group will provide access to a various investment strategies across return profiles, asset classes, and geographical regions.
Temasek said the individual asset management companies will retain operational autonomy, will continue to manage their investment strategies and organizational decisions, and will remain as distinct entities and retain their existing brands.
“The asset management industry is in a period of rapid change,” Goh said. “By bringing four successful but distinctly different asset management companies together, we see the opportunity to accelerate business growth through creation of scale, synergistic product offerings, and greater investment in technology.”
The establishment of Seviora is subject to regulatory and other approvals, which Temasek expects by the end of the year.